It’s almost Thanksgiving so of course that means planning for the December holidays should be well underway! To avoid a financial hangover in January, consider these tips:

Keep your gift list short

This might be a good year to evaluate who you buy for and who receives “just” a very heartfelt handwritten card. Close family and friends will make the gift list obviously but then be brutally realistic about who you should add beyond that. (By the way, my gift list is almost closed—there’s still time to earn your way onto it!)

Set gift price limits in advance

Don’t get sucked in by the “wow” factor when you shop! Set a holiday gift budget, broken down by person, and stick with it.

Give your time and talents

Sometimes the most valued gifts can be non-monetary—say a coupon for some free babysitting or the delivery of a home-cooked meal. If you have a unique skill, you could make a gift of your valuable service. As a financial planner, I’ll be giving my friends a free financial consulting session.

Decoration

It’s just as easy to get carried away with decorations as it is with gifts.

If you’re into internal and external holiday lights, make this the year you transition to LED lights that use roughly 10% of the energy of traditional incandescent ones. Look around online for the local stores that will let you to trade in your old lights and get a credit toward the LEDs.

And sometimes it’s much more striking to decorate one focal point—a prominent tree or a central section of shrubs, for example, than throwing lights onto every possible surface.

Let me be the first (only?) to wish you a very happy but financially prudent holiday season!

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